Delinquency
If You Fall Behind
If you fall behind on your payments, it can be difficult to catch up, but it’s important that you do. Being late on a federal student loan can severely damage your credit and increase the amount you owe, and it leaves you open to even more trouble down the road.
Preventing or Fixing Delinquency
Fortunately, you have several options, like reducing your monthly payments with alternate repayment plans or temporarily suspending payment altogether with a deferment or forbearance. If you’re having trouble managing your student loan, contact American Student Assistance® right away to discuss what we can do to help.
Keep in mind: Some people may advise you to send your lender a partial payment if you’re late on a loan. That does help reduce the amount you owe, and it shows your lender that you’re trying, but it still won’t bring your loan into good standing. It’s generally better to adjust your payment plan or use a deferment or forbearance instead.
For a detailed look at how late payments affect you, see our student loan delinquency timeline.
